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Noha Makram – Live Oil prices fell slightly today, Wednesday, after sharp moves earlier in the week amid investor caution over the U.S. economy and supply disruptions caused by ongoing tensions in the Red Sea.
Brent crude fell 39 cents to $75.50 a barrel at 10:56 GMT, while West Texas Intermediate crude futures fell 51 cents to $69.87 a barrel.
Prices rose by about $2 in the week after the Houthi attacks in the Red Sea. The expansion of the conflict could lead to the closure of a key waterway for oil transport and disruption to trade flows.
Both indexes ended Tuesday trading down more than 1% as optimism about an early and sharp U.S. interest rate cut faded ahead of the release of Federal Reserve meeting minutes and jobs data on Wednesday.
At the same time, expectations of ample oil supply in the first half of 2024 continued to limit price increases ahead of OPEC+’s plans to hold a meeting in early February. The exact date of the meeting has not yet been announced, three coalition sources told Reuters.
Kevin Wong, chief market analyst at Oanda, believes OPEC+’s decision to hold a meeting in early February indicates the organization’s growing concern over current weak market conditions, despite a decision to voluntarily cut production by $2 in the first quarter of the year .2 million barrels per day. The current.
Wong expects WTI to trade between $68.90 and $72.30 per barrel in the near term, near the downtrend of the 20-day moving average.
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